One testing window remains until these changes take effect. This is even more reason for you to pass AUD now! If you missed our webcast that provides a glimpse of what's changing, you can view it here:
- Unmodified report (old name was unqualified report) for Non-public companies/non-issuers.
- Report for Public companies (issuers) is similar to old Audit report (3 paragraphs)
- Extra paragraphs are now called Emphasis-of-Matter and Other Matter paragraphs(previously called explanatory paragraphs).
- Each portion of the report will require its own Subheading.
- Division of Responsibility now called Group Financial Statements.
- Qualified opinions now called Modified opinions (Qualified except for, Disclaimer and Adverse)
Again, watch our free webcast with the link above, and pass AUD in the one remaining testing window before the changes are implemented. Do you have any questions? If so, leave a comment on this blog and we will reply as soon as possible!